Wills And Trusts; What’s Best For Me?
There are many different ways to manage your money. Whether it is deciding what to do with your finances while you’re alive or planning for life after death, talking to an experienced attorney is of the utmost importance. At Lofaro & Headley, LLC, we have over 20 years of experience helping clients determine what is best for them based on their unique circumstance.
Each state has a specific set of laws in place, and New York and New Jersey are no different. These laws constantly change, and our firm stays up-to-date with the latest rules and regulations. We can honestly assess your situation and work through all the possible options.
Wills Vs. Trusts — What’s The Difference?
Wills are very common, and they typically state the deceased person’s preferences. A will allows an estate to move along quickly after death, and it also avoids many tax burdens. They range from a simple, one-page document to a lengthy document that has specific rules in place. You can always update your will whenever you feel it necessary.
A trust can replace or supplement a will. It manages the distribution of a person’s property by transferring the obligations to different people. Once assets are put into a trust, they belong to the trust itself — not the trustee. There are many different types of trusts which can be put in place while you’re alive as well as carried on after death.